Deutsche EuroShop Nine-month report 2010

N i n e-m onth Report 2010
Letter from the Executive Board
Dear Shareholders,
Dear Readers,
The third-quarter results confirm the trend of the first six months.
Our shopping center portfolio has achieved all targets and expec-
tations, thanks to excellent locations, high visitor numbers and
an attractive mix of tenants. Revenue increased year-on-year by
just under 13% to €106.6 million. Net operating income (NOI)
and EBIT also improved by around 13% to €94.9 million and
€91.5 million respectively. The A10 Center in Wildau near Berlin,
which was added to the portfolio at the start of the year, is primar-
ily responsible for these improved results.
Earnings before taxes and measurement came to €46.9 million,
almost 20% higher than in the same period last year. Consolidated
profit totalled €38.3 million (prior-year period: €38.5 million),
which corresponds to earnings per share of €0.87 (2009: €1.05). It
should be noted that consolidated profit was boosted in the previous
year by positive exceptional and currency effects on measurement
gains. The weighted number of shares also increased by 20%.
FFO (funds from operations) improved by 18% to €46.5 million
(€1.06 per share).
In the interim first-half report we were optimistic about making
new acquisitions in the second half-year. We can now report on
a promising investment: Deutsche EuroShop will take over the
Billstedt-Center in Hamburg at the beginning of 2011. The invest-
ment volume is around €160 million, the initial rate of return about
6%. As a result of this acquisition, our portfolio will increase to
18 shopping centers, with a market value of €3.3 billion.
The solid, long-established Billstedt-Center is a perfect fit our port-
folio. Built on two levels, with a retail space of around 40,000m2
,
it houses some 110 specialist shops, all of which are let to well-
known retailers. In addition, the shopping center boasts around
3,500m2
of residential and office space as well as over 1,500 parking
spaces. The Billstedt-Center is located on the east side of the city
of Hamburg, approximately eight kilometres from the city centre.
The shopping center has been managed by the ECE Group since
1990 and 735,000 people live in its catchment area. Up to 40,000
customers visit the Billstedt-Center daily.
Our shopping center portfolio is also growing in other respects:
construction and expansion activities in the A10 Center Wildau,
the Altmarkt-Galerie Dresden and the Main-Taunus-Zentrum
in Sulzbach are all running according to plan, including pre-lets,
which currently stand at 90%, 85% and 70% respectively.
Based on the results for the first nine months, we are optimistic
about increasing the dividend to €1.10 per share, thereby enabling
you to share in Deutsche EuroShop’s business success. We intend
to continue along the same path and thank you for placing your
trust in EuroShop.
Hamburg, November 2010
Claus-Matthias Böge Olaf G. Borkers
Key Group Data
€ million
01.01. –
30.09.2010
01.01. –
30.09.2009 +/-
Revenue 106.6 94.4 13%
EBIT 91.5 80.9 13%
Net finance costs -44.6 -41.6 -7%
EBT before valutation 46.9 39.3 20%
Consolidated profit 38.3 38.5 0%
FFO per share (€) 1.06 1.07 -1%
EPS (€, undiluted) 0.87 1.05 -17%
30.09.2010 31.12.2009
Equity* 1,172.4 1,044.4 12%
Liabilities 1,238.0 1,067.8 16%
Total assets 2,410.4 2,112.1 14%
Equity ratio (%)* 48.6 49.5
LTV-ratio (%) 47 46
Gearing (%)* 106 102
Cash and cash equivalents 48.2 81.9 -41%
* incl. minority interest

2 | DES Nine-month report 2010
Business and Economic Conditions
Group structure and operating
activities
Activities
Deutsche EuroShop is the only public company in Germany to
invest solely in shopping centers in prime locations. It currently has
investments in 17 shopping centers in Germany, Austria, Poland
and Hungary. The Group generates its reported revenue from
rental income on the space which it lets in the shopping centers.
Group’s legal structure
Due to a lean personnel structure and focus on just two reportable
segments (domestic and international), the Deutsche EuroShop
Group is centrally organised. The parent company, Deutsche
EuroShop AG, is responsible for corporate strategy, portfolio
and risk management, financing and communication.
The Company’s registered office is in Hamburg. Deutsche
EuroShop is an Aktiengesellschaft (stock corporation) under
German law. The individual shopping centers are managed as
separate companies and depending on their share of the nominal
capital are included in the consolidated financial statements either
fully, pro rata or according to the equity method.
The share capital amounts to €45,894,578.00 and is composed
of 45,894,578 no-par-value registered shares (as at 30 September
2010). The notional value of each share is €1.00.
Macroeconomic and
sector-specific conditions
The German economy continued to rebound in the third quarter
of 2010. Higher revenues from retailing, and consumer sentiment,
point to a sustained upswing in household consumption.
The purchasing behaviour of consumers in our shopping centers
confirms these indicators. Overall, the retail sales trends of our
rental partners are positive.
The real estate market is also showing brisk activity. According to
a survey by real estate services company Jones Lang LaSalle, 270
retail property transactions (with a volume in excess of €5 million)
were conducted in Europe in the first nine months of 2010 and
had a total value of around €15.2 billion. This is practically double
the prior-year figure (€7.8 billion). Of this, the German market
accounted for €3.9 billion. Shopping centers accounted for the big-
gest share (58%) of the transaction volume Europe-wide, resulting
in a further fall in returns.
Results of Operations, Financial
Position and Net Assets
Acquisition of the A10 Center in Wildau
On 6 January 2010, A10 Center Wildau KG, a subsidiary of
Deutsche EuroShop AG, purchased the A10 Center in Wildau
near Berlin for around €205 million (including ancillary acquisi-
tion costs). The transfer of benefits and encumbrances took place
on 1 February 2010. The center is undergoing partial restructuring
and modernisation. We anticipate a total additional investment
volume of around €60 million.
Launch of rights issue in February
To refinance the equity component of €115 million, Deutsche
EuroShop AG increased its capital in February 2010 through a
rights issue at a ratio of 6:1. The new shares were acquired in full
by existing shareholders through the exercise of their subscription
rights and an oversubscription right granted by the Company. A
total of 6.3 million new shares were issued at a subscription price
of €19.50 per share. Around €123 million flowed into the Com-
pany as a result.
Non-cash capital increase in July
At the beginning of July 2010, the Executive Board and Supervisory
Board of Deutsche EuroShop AG resolved to increase the Compa-
ny’s share capital by €1,780,000.00 (equivalent to around 4% of the
share capital) by means of a partial utilisation of authorised capital
through the issue of 1,780,000 new (no-par-value) registered shares
against non-cash contributions, shareholders’ pre-emptive rights
being excluded. Following entry of the non-cash capital increase
in the commercial register on 13 August 2010, the total number
of shares issued in the Company rose to 45,894,578. Within the
framework of the non-cash capital increase, 17% of the shares in
the limited partnership Altmarkt-Galerie Dresden KG and 25% of
the shares in the limited partnership City-Arkaden Wuppertal KG
were acquired with effect from 1 July 2010.
Acquisition of shares in Dresden
As a result, the shareholding in Altmarkt-Galerie Dresden increased
from 50% to 67%. The shares in the limited partnership were valued
at €28.9 million. The purchase price exceeded the fair value of the
assets acquired and liabilities assumed by €0.4 million.

Fair value
Assets acquired
in € thousands
Property assets 55.024
Cash and cash equivalents 3.765
Receivables and other assets 304
Total 59.093
Liabilities assumed
in € thousand
Other provisions 1.110
Loan liabilities 28.336
Trade payables and other liabilities 22
Interest rate swaps 1.038
Total 30.506
Net assets acquired 28.587
Purchase price of the shares 28.943
Excess of cost of acquisition over
identified net assets acquired 356
Altmarkt-Galerie Dresden KG continues to be consolidated pro
rata since, under the articles of association, the Company does
not exercise control.
Acquisition of shares in Wuppertal
Incorporation of 25% of the limited-partnership shares of City-
Arkaden Wuppertal KG increased the stake from 72% to 97%.
The shares in the limited partnership were valued at €11.8 million.
In addition, with effect from 1 July 2010, 3% of the limited partner
ship shares in City-Arkaden Wuppertal KG were acquired within
the framework of a purchase and transfer contract for a cash pur-
chase price of €1.4 million. Deutsche EuroShop AG therefore
holds 100% of the shares in this company.
In accordance with IFRS 3, the purchase of the two limited partner
ship shares resulted in an excess of cost of acquisition over identi-
fied net assets acquired amounting to €0.1 million.
Acquisition of shares in Kassel
Also with effect from 1 July 2010, Deutsche EuroShop Verwaltungs
GmbH acquired 10% of the limited partnership shares in City-
Point Kassel KG within the framework of a purchase and trans-
fer contract at a cash purchase price of €5.1 million. Deutsche
EuroShop Verwaltungs GmbH therefore holds 100% of the shares
in this company. In accordance with IFRS 3, the purchase of the
shares resulted in an excess of cost of acquisition over identified
net assets acquired amounting to €0.2 million.
Results of operations
A10 Center increases revenue by 13%
Revenue in the first nine months of 2010 totalled €106.6 million,
representing a rise of just under 13% year-on-year (from €94.4 mil-
lion). This development can largely be attributed to the acquisi-
tion of the shopping center in Wildau and the restructuring mea-
sures carried out last year in Kassel. Rental income from the other
portfolio properties increased by 1.1% compared with the same
period last year.
Operating and administrative costs for property:
11% of revenue
Center operating costs were €11.7 million in the reporting period,
compared with €10.7 million in the same period of the previous
year. Costs therefore stood at 11.0% of revenue (previous year:
11.3%).
Other operating expenses up €0.4 million
Other operating expenses increased by €0.4 million to €4.0 mil-
lion (previous year: €3.6 million).
EBIT up 13%
EBIT grew by €10.6 million, from €80.9 million to €91.5 million
(+13%). This was chiefly due to the contribution to earnings by
the A10 Center.
Net finance costs down €3.0 million
Net finance costs totalled €–44.6 million, €3.0 million lower than
the €-41.6 million recorded the previous year This was mainly the
result of interest expense incurred for the A10 Center.
20% rise in earnings before taxes and measurement
Earnings before taxes and measurement rose from €39.3 million
to €46.9 million (+20%), which was due partly to the initial con-
solidation of the center in Wildau and partly to higher contribu-
tions from existing properties.
Measurement gains without currency effects
At the reporting date of 31 December 2009, the currency trans-
lation method for our property companies abroad was changed,
with the result that currency effects are no longer recognised in
income but instead directly in equity. In the same period of the
previous year, the measurement gains included a one-off effect
from the first-time full consolidation of the property in Kassel and
unrealised currency gains (€6.9 million). The measurement loss of
€0.7 million in the reporting period resulted from the acquisition
of shares for the properties in Dresden, Wuppertal and Kassel, and
contains the differences recognised under IFRS 3.

Consolidated profit: €38.3 million;
earnings per share: €0.87
Consolidated profit totalled €38.3 million, up €7.2 million (+22%)
after adjustment for the measurement gains (€5.8 million), after
tax, that were still included in consolidated profit in the prior-year
period. Earnings per share fell from €1.05 to €0.87, but adjusted
for the measurement gains fell from €0.89 to €0.88.
Increase in funds from operations (FFO)
FFO rose by 18%, from €39.3 million to €46.5 million. As a result
of the significant increase in the number of shares, FFO per share
fell slightly: to €1.06 from €1.07 in the previous year.
Financial position and net assets
Net assets and liquidity
During the reporting period, the Deutsche EuroShop Group’s total
assets increased by €298.3 million to €2,410.4 million. Non-cur-
rent assets rose by €315.0 million, due in particular to the acquisi-
tion and expansion of the A10 Center in Wildau and construction
work at the Altmarkt-Galerie Dresden. Receivables, other assets
and other financial investments were up €17.0 million. Cash and
cash equivalents were €33.7 million lower than on 31 December
2009, at €48.2 million.
Equity ratio of 48.6%
The equity ratio including minority interests decreased from 49.5%
to 48.6%.
Liabilities
As at 30 September 2010, bank loans and overdrafts stood at
€1,091.0 million, which was €156.8 million higher than at the end
of 2009. This increase was largely due to a bank loan of €125 mil-
lion taken out in connection with the acquisition of the A10 Center.
At the same time, the expansion measures in Dresden and the
increased shareholding in the company resulted in an increase in
proportionate liabilities compared with the end of 2009. Non-cur-
rent deferred tax liabilities rose by €4.8 million to €90.4 million.
On the other hand, the acquisitions resulted in a reduction in the
partner’s redemption entitlements of around €15 million. Other
liabilities and provisions increased by €7.4 million.
The Shopping Center Share
After a 2009 year-end closing price of €23.67 and a positive start to
the new year, our share remained largely within a stable corridor of
between €22.00 and €24.00 (with a few exceptions), hitting a low
for the first nine months of €21.72 on 1 July 2010. In the positive
September environment, the Deutsche EuroShop share reached
€26.00 on 30 September, its highest price for the period. Taking into
account the dividend of €1.05 per share paid out on 18 June 2010,
this represents an increase of 14.3% for the first nine months of the
current year. The MDAX, on which the Deutsche EuroShop share
is listed, rose in the same period by 16.8%. Deutsche EuroShop’s
market capitalisation stood at €1.2 billion on 30 September 2010.
Deutsche EuroShop vs. MDAX and EPRA
Comparison, January to October 2010
Trend of share
90
95
100
105
110
115
120
125
90
95
100
105
110
115
120
125 +25%
+20%
-15%
+10%
+5%
0
-5%
-10%
(indexed, base of 100, in %)
Deutsche EuroShop incl. dividend EPRA MDAX
Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Roadshows and conferences
Between July and September we presented Deutsche EuroShop
at conferences in Frankfurt and Munich and held one-to-one and
group discussions with investors and analysts. We also participated
in roadshows in the United States as well as in Dublin, London and
Luxembourg, visiting existing and potential investors and answering
their questions on the company’s operations.
“The EuroShopper” annual report receives
the “red dot” award
Deutsche EuroShop was awarded the highly acclaimed “red dot”
in the category “communication design” for its 2009 annual report.
The “red dot design award” is one of the largest and most pres-
tigious design awards in the world. This is the second “red dot”
that Deutsche EuroShop has received: the previous one was in
2007 for the “Feel Estate” report.
Coverage
A total of 29 financial analysts from various banks and investment
institutions regularly follow Deutsche EuroShop’s business per-
formance and also publish studies including concrete investment
recommendations. Between July and September ABN AMRO
began coverage of our share (price target €27.00, recommendation
“hold”). Rabobank, another Dutch bank, also resumed its research
with a price target of €23.80 (“hold”). Other institutions have also
announced plans to take up coverage of our share in the future.
For a list of analysts as well as an extract from the current studies
and an archive, visit www.deutsche-euroshop.com/ir.
Report on Post-Balance-Sheet-
Date Events
At the beginning of 2011, Deutsche EuroShop will acquire the Bill-
stedt-Center in Hamburg from Prime Commercial Properties plc.
The investment volume is around €160 million and the expected
initial rate of return is approximately 6%. We expect the leasing
of the A10 Center to contribute around €11.0 million to revenue
in 2011.
No further significant events occurred between the balance sheet
date and the date of preparation of the financial statements.
Risk Report
There have been no significant changes since the beginning of the
financial year with regard to the risks associated with future busi-
ness development. We do not believe the Company faces any risks
capable of jeopardising its continued existence. The information
provided in the risk report of the consolidated financial statements
as at 31 December 2009 is therefore still applicable.
Key share data
Sector / industry group Financial services / Real estate
Share capital on 30.09.2010 45,894,578.00 €
Number of shares on 30.09.2010
(no-par value registered shares) 45,894,578
Dividend 2009 €1.05
Share price on 30.12.2010 €23.67
Share price on 30.09.2010 €26.00
Low/high in the period
under review €21.72 / €26.00
Market capitalisation
on 30.09.2010 €1,2 billion
Prime Standard Frankfurt and Xetra
OTC trading Berlin-Bremen, Dusseldorf,
Hamburg, Hanover, Munich
and Stuttgart
Indices MDAX, EPRA, GPR 250,
EPIX 30, HASPAX
ISIN DE 000748 020 4
Ticker symbol DEQ, Reuters: DEQGn.DE

Report on Opportunities
and Outlook
Economic conditions
Improvements in the business outlook prompted the German fed-
eral government to revise its growth forecast for 2010 and 2011 in
October: with a forecast of 3.4% growth in gross domestic product
in the current year and 1.8% in the coming year, Germany looks
set to drive the economy in Europe. The jobless total is expected to
fall below the three million mark as early as this autumn – a positive
trend, which is also expected to continue into 2011.
The federal government anticipates an increase in gross salaries
of 2.1% in 2010, while net salaries are expected go up by as much
as 3.9%. The forecasts for private consumption are accordingly
positive: with price stability remaining high (September 2010:
1.3% increase in consumer price index), private consumption is
expected to rise this year by 1.2% and in 2011 by 1.1%. In 2010
the Handelsverband Deutschland (HDE – German Retail Federa-
tion) raised its retail sales forecast to a nominal +1.5%.
Due to our good operational position, we expect Deutsche
EuroShop’s business to perform positively and according to plan
this year and in the coming year.
Expected results of operations
and financial position
Construction and expansion projects running
according to plan
The “A10 Triangle” in the A10 Center is scheduled to be completed
by March 2011. Construction work is running according to plan.
Pre-lets for the Triangle currently stand at about 90%. We expect
total rental income following completion of the new building to
exceed our calculation made at the time of purchase.
Expansion of the Altmarkt-Galerie in Dresden is also making
good headway. Around 85% of the budgeted rental income is
hedged by long-term leases. The new center extension is also due
to open in March 2011.
Expansion of the Main-Taunus-Zentrum is scheduled to be com-
pleted in late autumn 2011. The first phase of construction (new
multistorey car park) is already successfully completed and the
pre-let level – just under a year before it is due to be opened – is
currently at around 70%.
Long-term partnership
At the beginning of July 2010, we entered into a strategic partner
ship running until mid-2020 with the Hamburg-based asset man-
agement company KG CURA, the sole shareholder of the ECE
Group. KG CURA has given Deutsche EuroShop an undertaking
to participate in all future rights issues over the next ten years and
in each case to subscribe for 20% of the volume of the issue to a
total maximum amount of €150 million. At the same time, Deutsche
EuroShop’s business relationship with the ECE Group is to be
intensified. An agreement is in place under which the center man-
agement contracts with the ECE Group for the 17 shopping centers
in Deutsche EuroShop’s portfolio will be extended when they
expire before 30 June 2020. In each case the extension will be for
a period of ten years under standard market terms and conditions.
Higher revenue and earnings forecast
We will also achieve our revenue and earnings targets for this year.
Based on the results for the first nine months, we have lifted our
full-year forecast for 2010. We expect:
» revenue between €140m and €144m (until now: between €139m
and €142m; 2009: €127.6m),
» earnings before interest and taxes (EBIT) between €120m and
€123m (until now: between €118m and €121m; 2009: €110.7m),
» earnings before taxes (EBT), without measurement gains/losses,
between €61 and €63m (until now: between €58m and €60m;
2009: €54.9m), and
» funds from operations (FFO) per share between €1.37 and €1.40
(until now: between €1.33 and €1.38; 2009: €1.49).
Dividend increase
On the basis of the successful business performance in the first
three quarters we expect to be able to propose at next year’s Annual
General Meeting an increase in dividend for the 2010 financial year
to €1.10 per share.

Consolidated Balance Sheet
Assets
in € thousand 30.09.2010 31.12.2009
Assets
Non-current assets
Intangible assets 18 24
Property, plant and equipment 32 48
Investment properties 2,306,377 1,990,980
Non-current financial assets 24,754 24,755
Investments in equity-accounted associates 3,387 3,532
Other non-current assets 631 865
Non-current assets 2,335,199 2,020,204
Current assets
Trade receivables 2,170 2,557
Other current assets 24,840 5,870
Other financial investments 0 1,600
Cash and cash equivalents 48,196 81,914
Current assets 75,206 91,941
Total assets 2,410,405 2,112,145

EQUITY AN D LIABILITIES
in € thousand 30.09.2010 31.12.2009
Equity and liabilities
Equity and reserves
Issued capital 45,894 37,812
Capital reserves 764,375 609,364
Retained earnings 254,092 274,149
Total equity 1,064,361 921,325
Non-current liabilities
Bank loans and overdrafts 1,077,912 921,170
Deferred tax liabilities 90,406 85,600
Right to redeem of limited partners 108,058 123,035
Other liabilities 35,800 19,845
Non-current liabilities 1,312,176 1,149,650
Current liabilities
Bank loans and overdrafts 13,112 13,025
Trade payables 2,343 1,071
Tax provisions 2,491 1,981
Other provisions 4,150 19,688
Other liabilities 11,772 5,405
Current liabilities 33,868 41,170
Total equity and liabilities 2,410,405 2,112,145

Consolidated Income Statement
in € thousand 01.07. – 30.09.2010 01.07. – 30.09.2009 01.01. – 30.09.2010 01.01. – 30.09.2009
Revenue 36,201 31,457 106,609 94,447
Property operating costs -2,061 -1,345 -5,592 -4,981
Property management costs -2,240 -1,900 -6,154 -5,715
Net operating income (NOI) 31,900 28,212 94,863 83,751
Other operating income 65 -18 675 677
Other operating expenses (corporate costs) -1,312 -1,177 -4,039 -3,562
Earnings before interest and taxes (EBIT) 30,653 27,017 91,499 80,866
Income from investments 317 329 1,096 1,213
Interest income 82 97 471 476
Interest expense -13,562 -12,373 -40,239 -37,354
Profit/loss attributable to limited partners -1,750 -1,924 -5,880 -5,938
Net finance costs -14,913 -13,871 -44,552 -41,603
Earnings before tax and valuation
(EBT before valuation) 15,740 13,146 46,947 39,263
Measurement gains/losses -673 -3,914 -673 6,907
Earnings before tax (EBT) 15,067 9,232 46,274 46,170
Income tax expense -2,735 -1,214 -7,969 -7,694
Consolidated profit 12,332 8,018 38,305 38,476
Basic earnings per share (€) 0.27 0.22 0.87 1.05
Diluted earnings per share (€) 0.27 0.22 0.87 1.05
Consolidated Statement of Comprehensive Income
in € thousand 01.07. – 30.09.2010 01.07. – 30.09.2009 01.01. – 30.09.2010 01.01. – 30.09.2009
Consolidated profit 12,332 8,018 38,305 38,476
Change due to currency translation effects -310 4,679 230 -1,467
Change in cash flow hedge -6,868 -1,938 -14,888 943
Deferred taxes on valuation adjustments
offset directly against equity 1,595 0 2,616 0
Total earnings recognised directly in equity -5,583 2,741 -12,042 -524
Total profit 6,749 10,759 26,263 37,952
Profit attributable to Group shareholders 6,749 10,759 26,263 37,952

Consolidated Cash Flow Statement
in € thousand 01.01. – 30.09.2010 01.01. – 30.09.2009
Profit after tax 38,305 38,476
Income/expenses from the application of IFRS 3 673 -8,075
Profit/loss attributable to limited partners 5,880 6,298
Depreciation of property, plant and equipment 17 18
Other non-cash income and expenses 0 808
Deferred taxes 7,522 7,730
Operating cash flow 52,397 45,255
Changes in receivables -18,044 2,950
Changes in other financial investments 1,600 -30
Changes in non-current tax provisions -2,715 0
Changes in current provisions -16,138 3,571
Changes in liabilities 22,532 -6,583
Cash flow from operating activities 39,632 45,163
Payments to acquire property, plant and equipment/investment properties -50,789 -26,680
Inflows and outflows for investments in non-current financial assets -50 579
Payments to acquire consolidated companies -205,744 0
Income from equity-accounted associates 195 0
Cash flow from investing activities -256,388 -26,101
Changes in interest-bearing financial liabilities 128,493 -16,024
Payments to Group shareholders -46,320 -36,094
Contributions of Group shareholders 122,367 66,505
Payments to minority shareholders -12,427 -5,858
Contributions of minority shareholders 3,750 0
Cash flow from financing activities 195,863 8,529
Net change in cash and cash equivalents -20,893 27,591
Cash and cash equivalents at beginning of period 81,914 41,671
Currency related changes 233 -146
Other changes -13,058 947
Cash and cash equivalents at end of period 48,196 70,063

Consolidated Statement of Changes in Equity
in € thousand Share capital
Capital
reserves
Other
retained
earnings Legal reserve Total
01.01.2009 34,375 546,213 277,862 2,000 860,450
Change in cash flow hedge 943 943
Change due to currency translation effects -1,467 -1,467
Total earnings recognised directly in equity 0 0 -524 0 -524
Consolidated profit 38,476 38,476
Total profit 37,952 37,952
Dividend payment -36,094 -36,094
Capital increase 3,437 63,594 67,031
Transaction costs capital incerease -526 -526
Deferred taxes transaction costs 84 84
30.09.2009 37,812 609,365 279,720 2,000 928,897
01.01.2010 37,812 609,364 272,149 2,000 921,325
Change in cash flow hedge -14,888 -14,888
Change due to currency translation effects 230 230
Change in deferred taxes 2,616 2,616
Total earnings recognised directly in equity 0 0 -12,042 0 -12,042
Consolidated profit 38,305 38,305
Total profit 26,263 26,263
Dividend payment -46,320 -46,320
Capital increase 8,082 155,535 0 163,617
Transaction costs capital incerease -622 0 -622
Deferred taxes transaction costs 98 0 98
30.09.2010 45,894 764,375 252,092 2,000 1,064,361
Disclosures
Basis of presentation
These financial statements of the Deutsche EuroShop Group as at
30 September 2010 have been prepared in accordance with Inter-
national Financial Reporting Standards (IFRS).
The management report and the abridged financial statements
were not audited in accordance with section 317 of the Handels
gesetzbuch (HGB – German Commercial Code), nor were they
reviewed by a person qualified to carry out audits. In the opinion
of the Executive Board, the report contains all of the necessary
adjustments required to give a true and fair view of the results of
operations as at the interim report date. The performance of the
first nine months as at 30 September 2010 is not necessarily an
indication of future performance.
The accounting policies applied correspond to those used in the
last consolidated financial statements as at the end of the financial
year. A detailed description of the methods applied was published
in the notes to the consolidated financial statements for 2009.

As a result of the capital increases in July 2009 and February 2010
the weighted number of shares for 2009 has been increased to
36,799,402. The FFO and EPS figures for the prior-year period
have been adjusted accordingly.
SEGMENT reporting
(01.01. – 30.09.2010)
As a holding company, Deutsche EuroShop AG holds equity
interests in shopping centers in the European Union. The investees
are pure shelf companies without staff of their own. Operational
management is contracted out to external service providers under
agency agreements, meaning that the companies’ activities are
exclusively restricted to asset management. Due to the Company’s
uniform business activities within a relatively homogeneous region
(the European Union), separate segment reporting is presented only
in the form of a breakdown by domestic and international results.
Deutsche EuroShop AG assesses the performance of the segments
on the basis of factors including the revenue and profits for the
period of the individual property companies.
Breakdown by geographical segment
in € thousand Domestic
Inter
national Total
Revenue 89,716 16,893 106,609
(Previous year’s figures) (77,926) (16,521) (94,447)
Around 10% of rental income was generated in Poland. In the year
under review, these revenues came to €10,140 thousand (previous
year: €9,791 thousand).
Inter
national
Recon
ciliation Total
Revenue 76,272 14,931 -377 90,826
(Previous year’s
figures) (66,730) (14,888) -(752) (80,866)
Inter
national
Recon
ciliation Total
Revenue 44,293 7,697 -5,043 46,947
(Previous year’s
figures) (38,907) (7,706) -(7,350) (39,263)
Inter
national Total
Segment assets 2,073,882 336,523 2,410,405
(Previous year’s figures) (1,775,304) (336,841) (2,112,145)
of which investment
properties 1,978,739 327,638 2,306,377
(Previous year’s figures) (1,663,950) (327,029) (1,990,979)
Other disclosures
Dividend
A dividend of €1.05 per share was distributed for the financial year
2009 on 18 June 2010.
Share options
The variable components of the remuneration of the members of
the Executive Board and Supervisory Board do not include any
share options or similar securities-based incentive schemes.
Responsibility statement by the Executive Board
To the best of our knowledge, and in accordance with the applicable
reporting principles for interim financial reporting, the interim
consolidated financial statements give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Group,
and the interim management report of the Group includes a fair
review of the development and performance of the business and the
position of the Group, together with a description of the principal
opportunities and risks associated with the expected development
of the Group for the remainder of the financial year.
Hamburg, November 2010
Claus-Matthias Böge Olaf G. Borkers

Financial Calendar
04.11. Nine-month report 2010
15.11. Roadshow Brussels, WestLB
16.11. Roadshow Zurich, Deutsche Bank
17.11. Roadshow Paris, Macquarie
18.11. Supervisory Board meeting, Hamburg
18.11. WestLB Deutschland Conference, Frankfurt
25.11. HSBC Vienna Conference
30.11. Roadshow Berlin, Berenberg
30.11. DSW Aktienforum, Berlin
01.12. UBS Global Real Estate Conference, London
02.12. Berenberg Pennyhill Conference, London
22.02. Roadshow Paris, Bankhaus Lampe
01.03. HSBC SM Real Estate Construction
Conference, Frankfurt
12.04. WestLB German Property Day, London
29.04. Annual earnings press conference, Hamburg
13.05. Interim report Q1 2011
19.05. Metzler Real Estate Day, Frankfurt
25. – 26.05. Kempen Co European Property Seminar,
Amsterdam
16.06. Annual General Meeting, Hambur
21. – 22.06. Bankhaus Lampe Hamburg Investment Conference
11.08. Interim report H1 2011
06. – 07.10. Société Générale Pan European Real Estate
Conference, London
19.10. Real Estate Share Initiative, Frankfurt
10.11. Nine-month report 2011
Our financial calendar is updated continuously. Please check our website for the latest events:
www.deutsche-euroshop.com/ir.
2010 2011
Investor relations contact
Patrick Kiss and Nicolas Lissner
Tel.: +49 (0)40 - 41 35 79 20 / -22
Fax: +49 (0)40 - 41 35 79 29
E-mail: ir@deutsche-euroshop.com
Internet: www.deutsche-euroshop.com/ir

Deutsche EuroShop Nine-month report 2010

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